The HMRC publication of 4 March 2019 listed the businesses hit with fines for failing to comply with AML regulations. HMRC officers visited 50 Estate Agents across England after they were suspected of trading without being registered as required under money laundering regulations or failing to comply with their regulations.
The huge £215,000 fine HMRC levied on Countrywide for failing to abide by anti-money laundering procedures is a demonstration that Estate Agents generally are failing to take the issue seriously and it is essential that Estate Agents conduct their proper due diligence and AML.
Here at Armadillo Legal we can assist you with all your AML requirements. As well as assisting with Know your Customer (KYC) identification and verification we are specialist in assisting with know your business (KYB) world- wide. Essential when properties are owned by offshore companies and the beneficiary is opaque.
It is estimated that around £120 billion of UK property is owned by offshore entities and therefore it is essential that Estate Agents conduct their proper due diligence and AML as they are a crucial line of defence against money laundering, which is why they have a legal obligation to ensure their AML processes are fit for purpose.